The Australian share market is gaining ground following the federal government unveiling a mid-year economic update showing economic growth is expected to slow in 2016/17.
The benchmark S&P/ASX 200 index was up 0.67 per cent at 1200 AEDT as federal treasurer Scott Morrison's MYEFO (mid-year economic and fiscal outlook) showed economic growth was expected to be two per cent in 2016/17 and stay below trend in 2017/18.
Inflation forecasts have also been downgraded.
Stocks continued to rise in the wake of the noon announcement and by 1219 AEDT the S&P/ASX200 was up 0.76 per cent, with strength across all sectors except consumer discretionary stocks, which were slightly negative.
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* At 1200 AEDT, the benchmark S&P/ASX 200 index was up 37.1 points, or 0.67 per cent, at 5,570.0 points.
* The broader All Ordinaries index was up 32.2 points, or 0.58 per cent, at 5,621.9 points.
* The March share price index futures contract was up 34 points at 5,527 points, with 13,792 contracts traded.
* National turnover was 1.2 billion securities traded, worth $1.8 billion.
